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	Name:	MartiniMan -
	Subject:	Why Obamanomics is a failure
	Date:	6/30/2010 11:04:39 AM

In our long-awaited and self proclaimed "Summer of Recovery" we have to wonder when is it going to start? We are almost to the 4th of July and the recovery seems to have not started and in fact we seem to be backsliding into a double dip recession. What is the evidence?

Its all over the place but a few highlights. Unemployment is stubbornly sticking at around 10% with real unemployment closer to 17%. Consumer confidence is dropping. Housing starts have collapsed. The stock market has fluctuated up and down with no signs of steady growth. Private sector job growth has stalled. And much more........

Why is this happening? A great piece in the WSJ by Allan Meltzer explains it pretty well. A fundamental tenet of economics is that nothing damages the performance of an economy more than uncertainty. As we saw back in the 1930's with FDR, government is creating tremendous uncertainty in the long-term prospects of the economy. Our government is at war with business right now and business is responding. When there is uncertainty businesses are hesitant to invest in new people, new plants, new products, new equipment, etc. Where there is uncertainty consumers do not spend, they tend to save and pay down debt. All of these very rational decisions by businesses and consumers debilitate a recovery. And all this uncertainty is being created by the actions and words of the Obama administration over the last 18 months. They can blame Bush all they want for the economic downturn but they own lock, stock and barrel the decisions they have made to try to fix the economy and they have been a dismal failure. Instead they have chosen to use the crises to enact big government solutions that only exacerbate the problem.

Stimulus spending simply does not work in fomenting a long-term recovery. It never has and it never will. The fact that the Obama administration wants another stimulus package only proves the first one didn't work. Sadly, Mr. Obama is not only over his head but he is demonstrating that his ideology trumps his ambition and he cares not a whit for the pain of the American people as long as he can remake our economy into a European-style socialism that we can see failing all over the continent. And who would have thought that the U.S. would be the lone voice for more government at a G-20 meeting? The world is upside down and we need to begin the fix in November 2010 and finish it in November 2012.

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Why Obamanomics is a failure - MartiniMan - 6/30/2010 11:04:39 AM

Excellent Recap - Bravo (nfm) - water_watcher - 6/30/2010 3:35:03 PM

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